The current sections of Sanford Inc.s balance sheets at December 31, 2013 and 2014, are presented here.
Question:
The current sections of Sanford Inc.’s balance sheets at December 31, 2013 and 2014, are presented here. Sanford’s net income for 2014 was $153,000. Depreciation expense was $27,000.
Instructions
Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2014, using the indirectmethod.
Transcribed Image Text:
2014 2013 Current assets Cash Accounts receivable Inventory Prepaid expenses $105,000 99,000 89,000 172,000 22,000 $380,000 $382,000 80,000 168,000 27,000 Total current assets Current liabilities Accrued expenses payable 15,0005,000 92,000 Accounts payable Total current liabilities 85,000 $100,000 97,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
SANFORD INC Partial Statement of Cash Flows For the Year Ended ...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
The current sections of Nasreen Inc.s balance sheets at December 31, 2013 and 2014, are presented here. Nasreens net income for 2014 was $153,000. Depreciation expense was $24,000. Instructions...
-
The current sections of Scoggin Inc.'s balance sheets at December 31, 2018 and 2019, are presented here. Scoggin's net income for 2019 was $153,000. Depreciation expense was $24,000. Instructions...
-
The current sections of Scooters Rentals balance sheets at December 31, 2017 and 2016, are presented here. Scooters' profit for 2017 was $153,000. Depreciation expense was $24,000. Instructions...
-
Debbie plans to buy a house for cash instead of paying a mortgage. She is willing to set aside $12 000 at the end of each year for 15 years. She puts her savings in a Tax Free Savings Account (TFSA)...
-
(a) Show that the eigenvalues of the 2 Ã 2 matrix b'
-
To focus firmly on the "you" view, writers should scrub all uses of I and we from their writing. Do you agree or disagree? Why?
-
The following are speeds (mi/h) of cars measured with a radar gun on the New Jersey Turnpike based on data from Statlib and authors Joseph Kadane and John Lamberth. 70 70 71 72 72 73 73 74 76 77 78...
-
Best Buy offers services to customers that help them use products they purchase from Best Buy. One of these services is its Geek Squad, which is Best Buys 24-hour computer support task force. As you...
-
The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates acash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and...
-
The market research team at AdRight is assigned the task of identifying the profile of the typical customer for each treadmill product offered by CardioGood Fitness. The market research team decides...
-
Cosi Company reported net income of $190,000 for 2014. Cosi also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheet shows an...
-
The following information is available for Ramos Corporation for the year ended December 31, 2014. Beginning cash balance....................... $ 45,000 Accounts payable...
-
The shareholders equity accounts of Cedeno Inc. at December 31, 2013, are as follows: Common shares (unlimited number of shares authorized, 1,000,000 issued) ... $3,000,000 Stock dividends...
-
This year, Cata donated $30,000 in cash and provided services to the Red Cross valued at $10,000. Cata's AGI for this year is $40,000. What is Cata's charitable contribution deduction for the year...
-
You have $200,000 of cash. The riskless interest rate is 3%. The market index fund has an expected return of 10% and a standard deviation of 20%. A and B below are unrelated. a. You decide to invest...
-
Jones Company elected to use the cumulative earnings approach for distributions from its equity-method investment purchased at the beginning of 20X1. During 20X1, Jones earned $200,000 on the...
-
Cellular Inc. is offering a promotion for new customers signing a contract: purchase a new phone, a two-year service agreement, a phone charger, and a set of headphones for $1,500 The transaction...
-
Olivia is an entry-level employee in a large supermarket in central London who is trying to understand her financial situation. Olivia currently lives 5 miles away from her workplace. She works part...
-
Use the result of Exercise 88 to prove that if g is continuous, then (x) = |g(x)| is also continuous. Data From Exercise 88 Prove that (x) = |x| is continuous for all x. To prove continuity at x = 0,...
-
A 2500-lbm car moving at 15 mi/h is accelerated at a constant rate of 15 ft/s 2 up to a speed of 50 mi/h. Calculate force and total time required?
-
IPL Limited uses a small casting in one of its finished products. The castings are purchased from a foundry. IPL Limited purchases 54,000 castings per year at a cost of 800 per casting. The castings...
-
Data for the Decorators Mill Ltd. were presented in E3-4. E3-4 Selected transactions for the Decorators Mill Ltd., an interior decorator corporation in its first month of business, are as follows:...
-
The journal entries for the Decorators Mill were prepared in E3-6. E3-6 Selected transactions for the Decorators Mill Ltd., an interior decorator corporation in its first month of business, are as...
-
Selected transactions for the Basler Corporation during its first month in business are presented below: Sept. 1 Issued common shares for $20,000 cash. 2 Performed $9,000 of services on account for a...
-
You have a new accountant. Where would you go to invite your accountant to your company file?
-
How will you record this transaction? a. What happens to your total assets if you buy a car in cash?
-
Panama Company prepared the following flexible overhead budget where PH is process hour. Identify the overhead cost per PH for indirect labor, maintenance. Also identify the overhead cost of 12,000...
Study smarter with the SolutionInn App